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Azerbaijan’s Finance Ministry has allocated 350.8 million manats as part of the first tranche to pay compensations on problem loans to individuals in the country, Mais Piriyev, the spokesperson for the ministry, told Trend.
He said that these funds have already been transferred to the accounts of banks and non-bank credit organizations, including those in the process of liquidation.
The compensation payment of problem loans to individuals started in Azerbaijan on April 22, 2019. As expected, 602,347 people will receive compensation.
Previously, Azerbaijani President Ilham Aliyev signed a decree on additional measures in connection with solving the issue of the individuals’ problem loans. The decree envisages the payment of compensation to citizens whose loan burden increased as a result of the devaluation of the manat in February and December 2015.
According to the decree, opportunities are created for restructuring both US dollar loans and manat loans with a delay of more than 360 days on concessional terms. If the amount of compensation exceeds 500 manats, these funds will be transferred to the account of the individual; otherwise, the payment will be made via money transfer.
The corresponding plastic cards to be received by individuals are issued for a period of 1 year free of charge. Banks and postal operator are not entitled to charge a fee for issuing or conducting operations with these cards or for making money transfers.